DIGITAL

VORTEX 2019
Continuous and Connected Change

Authors
Tomoko Yokoi
Jialu Shan
Michael Wade
James Macaulay

Digital Vortex 2019 1

TABLE OF
CONTENTS
Key Insights 3
Introducing the Digital Vortex 2019 4
The Digital Transformation Gap 5
Continuous Change is Accelerating 6
Business reinvention in the center of the vortex 7
Appetite for Media & Entertainment 8
Convergence in Telecommunications 8
Competitive strategies in the outer vortex 9
The “Amazon-Effect” in Transport and Logistics 11
Customer focus in Hospitality and Tourism 11
Connected Nature of Change 12
A fragmented approach 13
Entangled structures 13
Mind the gap 14

The Road Ahead 14

Digital Vortex 2019 2

KEY INSIGHTS
- Digital disruption is in full swing, with over 88% of respondents reporting that digital disruption
will have a major or transformative impact on their industries.

- There is a widespread belief that more than one-third of the top 10 incumbents in each industry
will be displaced by digital disruption in the next five years.

- The five industries most vulnerable to digital disruption remain unchanged since 2015, although
their relative positions have changed: Media & Entertainment, Technology Products & Services,
Telecommunications, Retail, and Financial Services.

- The Transportation & Logistics industry has experienced the largest jump in vulnerability to
digital disruption, moving from 11th to 7th place.

- While the number of companies claiming to have a digital strategy has jumped from 54% to 75%,
the majority acknowledge that it is fragmented; only 22% of survey respondents claim to have a
coordinated digital strategy.

- Just over one-third of respondents feel that their organization’s leadership is actively responding
to digital disruption.

- Most organizations have increased their efforts to actively respond to digital disruption, except
for very large multinational companies.

- A stark perception gap exists between senior leadership and lower-level managers regarding
digital transformation efforts – whereas 39% of C-level leaders believe they are actively
responding to digital disruption, this perception decreases significantly among mid-management
levels.

Digital Vortex 2019 3

INTRODUCING
THE DIGITAL VORTEX 2019
The Digital Vortex 2019 study reveals large diffe- The Digital Vortex 2019 study confirms that
rences among industries in vulnerability to digi- all 14 industries have moved closer to the center
tal disruption. Like a vortex in nature, the Digital of the vortex, where the velocity and magnitude
Vortex illustrates the power, speed and unpre- of change are highest. The positions of many
dictability of change linked to digital disruption. industries have shifted between 2017 and 2019
(see Figure 1).1
This study is the third in a series of biennial
studies launched in 2015 by the Global Center
for Digital Business Transformation (DBT Cen-
ter), an IMD and Cisco initiative. The opinions
of over 1,200 business leaders across the globe
were collected from January 2017 to March 2019
to better understand attitudes and behaviors
towards digital disruption. These opinions were
supplemented with data from public sources.

FIGURE 1: DIGITAL VORTEX INDUSTRY RANKING

2019 RANKING 2017

Media & Entertainment 1 Media & Entertainment
Technology Products & Services 2 Technology Products & Services
+2
Telecommunications 3 Retail
-1
Retail 4 Financial Services
-1

Source: Global Center for Digital Business Transformation, 2019

Financial Services 5 Telecommunications
+3
Hospitality & Tourism 6 Consumer Packaging Goods
+4
Transportation & Logistics 7 Education 
-1
Education  8 Professional Services
-1
Professional Services 9 Hospitality & Tourism
-4
Consumer Packaging Goods 10 Manufacturing
+2
Healthcare & Pharmaceuticals 11 Transportation & Logistics
-2
Manufacturing 12 Real Estate
+1
Energy & Utilities 13 Healthcare & Pharmaceuticals
-2
Real Estate & Construction 14 Energy & Utilities

Digital Vortex 2019 4

THE DIGITAL
TRANSFORMATION GAP
Digital disruption has grown to become a major force transformative impact on their industries, compared
across industries. Our data reveals that 88% of execu- with only 27% in 2015 (see Figure 2).
tives believe that digital disruption will have a major or

FIGURE 2: A SIGNIFICANT RISE IN THE IMPACT OF DIGITAL DISRUPTION

How significant will the impact of digital disruption be on your organization?

2019
88% 9% 3%

2017
75% 21% 4%

2015
27% 47% 26%
Major to transformative impact Moderate impact No to minor impact

In addition, digitally driven market change has cap-
tured the attention of C-level executives. In 2015, digi-
tal disruption was not deemed worthy of board-level
attention in about 45% of companies. By 2019, only
12.4% felt that way.
Although the perceived urgency to transform has
never been greater, the ability of companies to re-
spond varies significantly. Only 34% of respondents
claim their leaders are actively responding to digital
disruption, a slight rise from 31% in 2017. Moreover,
despite the fact that organizations will spend over
$2 trillion on digital transformation by 2022,2 most
respondents believe that their leaders are not re-
sponding appropriately (38%) or are taking a “follow-
er” approach (28%) to digital disruption (see Figure 3).

FIGURE 3: A SMALL CHANGE IN ATTITUDES TOWARDS DIGITAL DISRUPTION

The majority of my company’s leaders...

Do not recognize or are not responding appropriately

Source: Global Center for Digital Business Transformation, 2019

38%
2019
41%
2017
Are taking a “follower” approach
28%
2019
29%
2017
Are actively responding to digital disruption

2019 34%
2017 31%

This should not come as a surprise. When it comes
to digital transformation, the gap between aspira-
tion and reality is stark. Recent research suggests
that a mere 5% of digital transformation efforts meet
or exceed expectations.3 What is going wrong? Our
data suggests that digital transformation programs
are floundering largely because they fail to take into
account the continuous and connected nature of
change.

Digital Vortex 2019 5

CONTINUOUS CHANGE
IS ACCELERATING
All too often, executives see transformation in terms
of a momentary revolution or as a challenge to be
overcome. Like a caterpillar, the organization under-
goes a metamorphosis and, after a good deal of ef-
fort, emerges as a butterfly. The reality, however, is
that digital disruption and transformation are not sin-
gular events. They are perpetual and continuous cy-
cles, which are accelerating in speed and complexity.
The Digital Vortex 2019 study reveals that exec-
utives recognize the disruptive nature of change. As
Figure 4 illustrates, executives believe that more than
one-third of the top 10 incumbents in their industry
will be displaced by digital disruption in the next five
years. In the past five years alone, iconic incumbents
such as Dell Computer, Safeway and DuPont are no
longer part of the S&P 500 and have been replaced by
Facebook, Under Armor and Gartner, Inc. Companies
drop off the S&P 500 for a variety of reasons. They
can be overtaken by a faster-growing company, fall
below the market cap size threshold or enter into a
merger or acquisition. In the current environment, it
is estimated that nearly 50% of the S&P 500 will be
replaced over the next 10 years.4

FIGURE 4: A LARGE VARIANCE IN FUTURE DISRUPTION BY INDUSTRY

Source: Global Center for Digital Business Transformation, 2019

In your industry, how many companies will lose their place in the top 10
due to digital disruption over the next five years?

Healthcare &
Manufacturing Pharmaceuticals

Transportation & Professional Technology Products & Media &

Logistics Services Services Entertainment
Financial
Services

Fewer companies average More companies

at risk 2.7 3.5 5.5 at risk

Energy & Hospitality & Consumer Education Retail Telecommunications

Utilities Tourism Packaged Goods

Real Estate &

Construction

While corporate turnover serves as one barome- bulence. The recent and predicted displacement of
ter for industry change, the increasing emergence of incumbents serves as a reminder that companies
highly valued disruptive startups and intense merger cannot endure in the long term without reinventing
and acquisition activity will accelerate industry tur- themselves.

Digital Vortex 2019 6

Business reinvention in the center of the vortex
As companies move closer to the center of the cations, Retail, and Financial Services (see Figure 5).
Digital Vortex, the need for business reinvention will Not only are their core products and services being
accelerate. Indeed, 41% of executives acknowledge digitized but they are also facing increasing pressure
that their organizations will be forced to reinvent from new entrants.
themselves every 1-3 years due to competitive pres-
sures, and 23% are prepared to do it every year.5 The two industries in which incumbent churn is
predicted to be the highest are Media & Entertain-
The pressure to reinvent is particularly acute for ment, and Telecommunications. How can companies
companies operating in the five industries closest to operating in these industries respond effectively?
the center of the Digital Vortex: Media & Entertain-
ment, Technology Products & Services, Telecommuni-

FIGURE 5: SMALL CHANGES AT THE CENTER OF THE DIGITAL VORTEX

2019
ONSUMER PAC
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Source: Global Center for Digital Business Transformation, 2019

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Digital Vortex 2019 7

 2017 #1
2019 #1 0
Appetite for Media & Entertainment
The Media & Entertainment industry continues to
be the most vulnerable to digital disruption, given
fast-evolving consumer behaviors and attitudes. To-
day’s audiences have drastically changed how they
consume content. They are abandoning so-called
legacy media for digital, streaming and mobile con-
tent. And a number of digital media players, such as
Amazon, Netflix, Apple, Google and Hulu, are rising
to meet the challenge.
Disney’s recent announcement of a new stream-
ing service, Disney+, reveals how legacy incumbents
are responding. Although Disney is a relative late-
comer to the direct-to-consumer video streaming
market, the company could be well positioned to
succeed given its rich catalogue of diverse content,
strong brand and global customer base. However,
the battle to dominate the streaming space is likely
to be fierce.
2017 #5
2019 #3 +2
Convergence in Telecommunications
The Telecommunications industry continues to face
challenges, moving two places closer to the vortex
center. Although the industry plays a crucial role in en-
abling the digital revolution by providing essential infra-
structure, operators have struggled to launch and scale
new business models to compete with new entrants
with strong digital capabilities such as Apple, Google
and a variety of over-the-top (OTT) voice calling and
messaging providers such as WhatsApp and Skype.
Digital transformation is breaking down silos
within the Telecommunications industry, giving rise
to an integrated digital communications ecosystem.
It is not yet clear how telecommunications operators
can capture revenue opportunities “beyond the pipe”
through the Internet of Things (IoT), digital services
Digital Vortex 2019
Meanwhile, the growing adoption of new tech-
nologies, such as artificial intelligence (AI), enables
new entrants to build innovative products. TikTok,
the China-based media app for creating and sharing
short videos, has snowballed in popularity over the
world in just two and a half years. Its parent compa-
ny, ByteDance, which operates several AI-enabled
content platforms has become one of today’s most
valuable startups.6
and new business models. Many telecommunica-
tions providers are starting to experiment with new
cross-industry service creation and delivery models.
For example, Orange, the largest telecom operator
in France, acquired a 65% stake in French insurer
Groupama’s banking unit in 2016 and launched a
100% mobile-only bank in 2017. Deutsche Telekom
collaborated with vertical industry partners to build
its Qivicom smart home platform as an open ecosys-
tem for living-service offerings.
The deployment of fifth-generation wireless
technology (5G) in the next two years is likely to un-
leash a new wave of innovation and disruption fueled
by advances in smart devices, augmented reality and
real-time monitoring.
8
Competitive strategies at the outer vortex
Industries on the outer bands of the Digital Vortex
have a different set of issues to tackle (see Figure 7).
As they move towards the vortex center, they need to
develop new competitive strategies. Many incum-
bents are saddled with cost structures and value
chains inherited from an earlier era, leaving them
with an outdated arsenal to compete against today’s
digital disruptors.
Incumbents can respond to digital disruption using
a “strategic response playbook” consisting of offen-
sive and defensive strategies (see Figure 6). Defensive
strategies are used to maximize gains from declining
businesses. A higher weighting on these strategies –
harvest and retreat – is appropriate for industries on
the outer edges of the Digital Vortex. These industries
must protect their existing sources of revenue and
profit. They may experiment with transformation, but
too much focus on disruptive change may mean they
risk neglecting the core.
Offensive strategies are used to create new value
for customers using digital technologies and busi-
ness models.7 These strategies – disrupt and occupy
– should be high on the agendas of industries close
to the center of the Digital Vortex. They will need to
quickly reinvent themselves to compete in a rapidly
changing environment. All industries, however, will
need to find the correct balance between defensive
and offensive strategies.

FIGURE 6: STRATEGIC RESPONSE PLAYBOOK

Source: Global Center for Digital Business Transformation, 2019

HARVEST DISRUPT
Block disruptive Disrupt your
threats and maximize own core business
revenues from or create new
businesses under markets
attack

DEFENSE OFFENSE

RETREAT OCCUPY
Withdraw when Win the battle
revenues dry up, for new markets
or move into a created by
well-protected disruption
niche

Digital Vortex 2019 9

Two industries made the largest jump towards the vortex center between
2017 and 2019. Transportation & Logistics moved from 11th to 7th place,
and Hospitality & Tourism jumped from 9th to 6th. (See Figure 7).

FIGURE 7: LARGE CHANGES OUTSIDE THE CENTER OF THE DIGITAL VORTEX

2019
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Source: Global Center for Digital Business Transformation, 2019

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Digital Vortex 2019 10

 2017 #11
2019 #7 +4
The “Amazon effect” in Transport & Logistics
Technology and digitization are disrupting many
processes across the transportation and logistics
ecosystem, including shipment methods, supporting
services and cargo management. This is driven, in part,
by the “Amazon effect,” or the promise of low-cost,
two-day or same-day shipping.
According to recent studies, transport and logis-
tics companies that have been able to flexibly allocate
resources are more successful in generating a higher
total return to shareholders.8 For example, in a largely
asset intensive business environment, Singapore Post
has been undertaking a restructuring program, cut-
ting costs in its high-margin domestic mail business
2017 #9
2019 #6 +3
Customer focus in Hospitality & Tourism
The Hospitality & Tourism industry accounts for 10% of
employment worldwide and is a fast-growing industry
tied directly to the growth of consumption globally. New
business models such as alternative accommodation
(Airbnb, HouseTrip and HotelTonight) are challenging
the conventional hospitality approach and forcing in-
cumbents to look for innovative ways to increase reve-
nue, lower costs and raise customer loyalty.
AccorHotels is an example of an incumbent un-
dertaking an offensive strategy by launching Jo&Joe, a
lifestyle brand blending the best of private rental, hos-
tel and hotel formats. The concept grew out of an am-
bitious digital transformation strategy to revamp IT,
Digital Vortex 2019
while making investments in the fast growing e-com-
merce logistics business.
These strategies are particularly far-sighted for
Singapore Post, which is heavily impacted by demo-
graphic shifts of urban dwellers. By 2030, the United
Nations predicts that there will be 41 megacities with
populations of more than 10 million people, of which
Singapore is one.9
Technological innovation in the last-mile delivery
market of megacities using drones and the accelera-
tion of robotic process automation are likely to gain
ground.
develop a strong focus on the customer, and innovate
ways to streamline the customer experience. As part
of its digital plan, flexible new internal working struc-
tures were created to foster innovation, flexibility and
speed. “Accor is in the middle of a revolution […],” ac-
knowledges Sébastien Bazin, the CEO. “For 50 years,
we have been doing things very well, but from now on-
wards, we are going to do things differently.”10
As the Hospitality & Tourism industry continues
its trajectory towards the center of the Digital Vortex,
building and deploying digital capabilities will be critical
to its success.
11
 CONNECTED NATURE
OF CHANGE
Are companies feeling positive about their future in
the Digital Vortex?
While the majority of executives feel confident in
their company’s ability to leverage digital disruption
in their favour, there are three industries that stand
out as being more concerned about disruption: Hos-
pitality & Tourism, Media & Entertainment, and Fi-
nancial Services. Executives working in the Hospitality
& Tourism industry, in particular, lack confidence in
their ability to respond effectively to digital disrup-
tion. This concern corresponds with their industry’s
increased acceleration towards the vortex center (see
Figure 8). The Media & Entertainment and Financial
Services industries – both already close to the center
of the vortex – express a high level of concern but also
feel confident that they can respond effectively. Nota-
bly, the highest degree of confidence is observed in the
Telecommunications and Energy & Utilities industries.

FIGURE 8: MOST INDUSTRIES ARE MORE CONFIDENT THAN CONCERNED

Source: Global Center for Digital Business Transformation, 2019

Concern Confidence
80%

70%

60%

50%

40%

30%

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Overall, despite the majority of executives’ confidence mation activities that could undermine an organiza-
in responding effectively to digital disruption, there tion’s ability to transform effectively.
are some blind spots surrounding current transfor-

Digital Vortex 2019 12

A fragmented approach
While the number of companies claiming to have a
digital strategy jumped from 54% in 2017 to 75% in
2019, most respondents acknowledge that their digital
FIGURE 9: MOST DIGITAL STRATEGIES ARE FRAGMENTED
Do you have a digital strategy?
2019
22%
53%
Most organizations are pursuing digital initiatives
across multiple areas at the same time. Unfortu-
nately, few of them are taking a portfolio approach
linked to clear business outcomes. Most digital ini-
tiatives are incremental in scope, linked to process
improvements in specific departments and functions.
Entangled structures
A major challenge that large incumbents face is that
initiatives, processes and structures are highly inter-
dependent, constantly moving and optimized for an
earlier era. This complex entanglement often leads to
unintended consequences that can derail transforma-
tion programs. As one executive put it, “You wouldn’t
think that making a simple change, pulling this lever
here, would make ten other things explode.”
FIGURE 10: ACTIVE RESPONSES TO DIGITAL DISRUPTION ARE INCREASING,
EXCEPT IN VERY LARGE ORGANIZATIONS
Proportion of executives claiming that their organizations are actively responding to digital disruption
40%
34% 35%
30%
26%
20%
10%
0%
Small-Medium Large
$0-$500M $500M-$10BN
Digital Vortex 2019
strategy is fragmented. In fact, only 22% of executives
claim that they have a coordinated digital strategy
(see Figure 9).
Source: Global Center for Digital Business Transformation, 2019
Yes, coordinated
25%
Yes, but fragmented
No
Ibrahim Gokcen, former CDO of Danish industrial
conglomerate A.P. Moller-Maersk described it this
way, “A lot of companies think they are doing digital
transformation, but they are actually only doing basic
digitization or digital ‘optimization’ without address-
ing fundamental problems.”11
These challenges tend to increase with organi-
zational size, as do the risks of failure. While most
respondents observe an increase in active response
to digital disruption, very large organizations – those
with over $10 billion in annual worldwide revenues –
observe a decline (see Figure 10).
36%
2019
31% 2017
28%
Multi National Corporation
$10BN+
13
Mind the gap
Digital transformation programs can lead to high levels
of confusion and uncertainty. The lack of both a clear
vision and a shared narrative to describe a company’s
transformation hinders execution efforts. Having all
stakeholders, from executive leadership to business
partners and employees, on the same page is crucial to
develop a foundation on which change can occur.
The Digital Vortex 2019 data reveals a stark per-
ception gap between senior leaders and the managers
FIGURE 11: LOWER LEVEL EXECUTIVES ARE LESS CONFIDENT THAN SENIOR EXECUTIVES
Proportion of executives claiming that their organizations are actively responding to digital disruption
39%
40% 37%
30%
20%
10%
0%
CXO SVP/VP
THE ROAD AHEAD
As the level of digitization increases in the Digital Vor-
tex, industry boundaries are blurring and companies
are being forced to reinvent themselves. Few remain
on the sidelines today, and digital transformation is
being mirrored by organizational transformation. Re-
cent research on US companies with over $1 billion
in revenues showed that those with digitally savvy
boards outperformed their peers on key metrics such
as revenue growth, return on assets and market cap
growth.12
The Digital Vortex 2019 study also reveals a gap
between aspiration and reality that could derail com-
panies’ digital transformation efforts.
Digital Vortex 2019
who report to them in terms of their company’s cur-
rent digital transformation efforts. Whereas 39% of
C-level leaders believe they are actively responding to
digital disruption, this perception is not shared among
lower levels of the organization. Only 30% of managers
and senior managers feel the same way. The percent-
age of employees who claim they do not even know
about their company’s digital response grew progres-
sively further down the organization (see Figure 11).
Source: Global Center for Digital Business Transformation, 2019
33%
30%
Director Manager
Companies are under tremendous pressure to
pursue organizational change. Even though change is
implemented for positive reasons, employees often
respond negatively and resist change efforts. The
study uncovers a stark perception gap between senior
leaders and managers regarding their company’s
current digital transformation efforts. This perception
gap could signify a lack of trust, discrepancy in en-
gagement and/or differing perceptions of organiza-
tional readiness for change.
Few companies have succeeded in transforming
themselves to lead their industries in the digital age.
But those that have done so understand that a suc-
cessful digital transformation is a continuous journey
focused on a connected approach to change.
14
ABOUT THIS STUDY
The Global Center for Digital Business Transforma-
tion, an IMD and Cisco initiative, surveyed 1,200
business leaders in 58 countries across 14 indus-
tries to understand attitudes and behaviors towards
digital disruption. 63% of respondents are company
directors and above. Half of all respondents work in
the B2B sector. This data was supplemented by
third-party data sources from CB Insights and
Bloomberg.
REFERENCES
1
“Life in the Digital Vortex: The State of Digital Disruption in 2017.”
Global Center for Digital Business Transformation, 2017.
www.imd.org/research-knowledge/reports/digitalvortex/
2
“Worldwide Semiannual Digital Transformation Spending Guide.” IDC,
November 2018.
3
Laurent-Pierre Baculard, Laurent Colombani, Virginie Flam, Ouriel Lancry,
and Elizabeth Spaulding, “Orchestrating a Successful Digital Transformation,”
Bain & Company, November 22, 2017, www.bain.com/insights/orchestrating-
a-successful-digital-transformation/
4
Anthony, Scott D., S. Patrick Viguerie, Evan I. Schwartz and John Van
Landeghem. “2018 Corporate Longevity Forecast: Creative Destruction Is
Accelerating. Innosight, February 2018. www.innosight.com/wp-content/
uploads/2017/11/Innosight-Corporate-Longevity-2018.pdf
5
Global Center for Digital Business Transformation, Orchestrating Digital
Survey 2019 (unpublished research).
6
Feng, Venus. “World’s Most Valuable Startup Is Home to a Complex Fortune.”
Bloomberg, March 24, 2019. www.bloomberg.com/news/articles/2019-03-24/
the-complex-fortune-growing-inside-world-s-most-valuable-startup
ACKNOWLEDGEMENTS
Remy Assir
Nikolaus Obwegeser
Lindsay McTeague
Elizabeth Teracino
Andy Noronha
Joel Barbier
Digital Vortex 2019
The ranking is based on a composite of four measures,
by industry:
1. Investment: Where venture capitalists and others
are putting their money;
2. Timing: When, and at what rate, digital disruption
is likely to occur;
3. Means: The strength of barriers to entry for digital
disruptors;
4. Impact: The potential magnitude of disruption.
7
Loucks, Jeff, James Macaulay, Andy Noronha and Michael Wade. Digital
Vortex: How Today’s Market Leaders Can Beat Disruptive Competitors at their
Own Game. IMD International, 2016.
8
Hausmann, Ludwig, Ishaan Nangia, Werner Rehm and Maximilian Rothkopf.
Creating Value in Transportation and Logistics. McKinsey, November 2015.
www.mckinsey.com/industries/travel-transport-and-logistics/our-insights/
creating-value-in-transportation-and-logistics
9
“World’s Population Increasingly Urban with More Than Half Living in
Urban Areas.” United Nations, World Urbanization Prospects, July 10, 2014.
www.un.org/en/development/desa/news/population/world-urbanization-
prospects-2014.html
10
Jelassi, Tawfik and Valerie Keller-Birrer. “In the Field with Accor Hotels.” IMD,
November 2017.
11
Wade, Michael, James Macaulay, Andy Noronha and Joel Barbier.
Orchestrating Transformation: How to Deliver Winning Performance with a
Connected Approach to Change. Lausanne: IMD International, 2019
12
Weill, Peter, Thomas Appel, Stephanie L. Woerner and Jennifer S. Banner,
“It Pays to Have a Digitally Savvy Board.” MIT Sloan Management Review,
Spring 2019. https:sloanreview.mit.edu/article/it-pays-to-have-a-digitally-
savvy-board/
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The Global Center for Digital Business Transformation
(DBT Center) is a joint initiative of the IMD Business
School and Cisco that brings to­gether innovation and
learning for the digital era. The DBT Center is a global
research hub at the forefront of digital business
transformation, where executives engage to solve
the challenges created by massive market transitions.
The DBT Center seeks out diverse viewpoints
from a wide range of organizations – startups and
incumbents – to bring new ideas, best practices, and
disruptive thinking into the process. The collaboration
combines Cisco’s technology leadership with IMD’s
ex­pertise in applied research and developing global
leaders, focusing on the organizational change required
for digital transformation. The DBT Center is physically
located on IMD’s campus in Lausanne, Swit­zerland.

Learn more:
imd.org/dbtcenter
dbtcenter@imd.org
@DBT_Center

REAL LEARNING. REAL IMPACT

IMD is an independent business school with Swiss roots

and global reach. Focused on developing leaders and
transforming organizations, IMD designs and delivers
interventions that challenge what is and inspire what
could be.

For the last 7 consecutive years, IMD has been ranked

#1 in the world for Open executive programs and in
the top three overall for executive education (Financial
Times 2012-2018).

IMD is based in Lausanne, Switzerland and Singapore.

www.imd.org
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Cisco (NASDAQ: CSCO) is a worldwide leader in IT that

helps companies seize the opportunities of tomorrow
by proving that amazing things can happen when you
connect the previously unconnected. Cisco is head-
quartered in San Jose, California, and has over 70,000
employees and more than 400 office globally.

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@Cisco

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